Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
This is a sitting duck
Have you seen the JA's presentation? Page 5: 2. Financing – bank term sheets agreed, subject to documentation and conditions......... Notice the plural.
I believe that the update will be tomorrow morning ahead of JA speaking at the Africa Oil week
They hit twice at Cameroon, so the next well will be the second appraisal well.
They've been offered 2 non-binding financing for $17m. And I note that their assets are listed as $29,566,534, which probably underwrite the loans. If they can get both of the finance offers over the line then hopefully the engines can start.
War sucks and there will be a drawn out f up, then I expect the powers to draw up another Marshall Plan and add green energy to it, as they won't want to rely on Putin's oil and gas. I'll let others speculate on how we ended up in this global rout, but I think that the EU will want to buy up metals to get to a clean energy situation sooner now. So yesterday's news was frustrating, but I hope that the management are tightening their belt, and seeking jvs, and I eventually expect consolidation in a lot of sectors.
The targets were mentioned in the results (The Company is also advancing a pipeline of IOCG targets). They were never going to get incredible results from aircore holes as the holes don't go deep enough to test properly.
I've just watched the video. So what do others think about the colour of the rods that have been collected, and what size/how many collected (to establish current depth)?
So I've scanned through the presentation and the thing that stands out is the flaring. They've connected one of the wells and intend to connect the fourth well to the gas plant, why not just concentrate on the wells that are nearest to the gas plant, enabling them to tie them to the plant and dealing with the pressure at the same time. Surely this is better than flaring. I don't know if the plant can convert the gas to liquid and make it sellable, but this would be a win win situation, given the price of gas and the expected demand in winter.
Done and dusted... until the brokers and advisors help themselves to any rbl opportunity. And it's not done and dusted if they're behind the selling.
So on the 22nd July, the funding news added:
· The Company has also agreed to a moratorium on equity issuances for 90 days from the Issue Date, whilst the Company works to conclude its objective of senior debt refinancing and, not to issue further convertible securities whilst the Bonds are outstanding.
And yet just 17 days later the company issued shares. Not only that but they failed to disclose the shares and warrants payment to Tennyson and Hannam & Partners on the 22nd July.
I'm sure that these are breaches to the the Financial Services and Markets Act 2000
I'm just looking in as this is on my radar. I'm gettting to think that private investors ought to band together in a number of companies and then if enough join in they can act as a concert party to put companies up for sale if the management of those companies don't deliver or continue to abuse the system with forward selling and discounted placings.
I wouldn't be surprised if a hostile offer came in, as if JA doesn't think that the company is worth more than the paltry placing price then it leaves the entire licences up to be snatched at a lowball offer, especially given that Cameroon is underwritten with two finds.
I'd prefer JA to bring in a partner, for 25/30%, with the option for the partner to participate in other blocks, as I think that this is a more sensible route.
Money, you sound like you work for Novum
Mike,
Why is there only £0.8m in cash when there was £1,473,599 at the end of 2021 and they've not exactly done much this year.
They could have done a 1 for 1 placing from the shareholders yesterday and raised £7m which would have been more than enough to pay for the drill. Then the shares would have risen. This placing doesn't achieve anything.
Just complete the deal and stop having us shareholders on Asher.
Part of me thinks that he might as well have placed for the outstanding $7m at this price as at least it would have guaranteed the drill. But the **** has placed at an eye-watering discount and the drill is still not nailed on... Despite it being a year since the Beluga bull deal.